We are starting our Potcoin analysis on the four-hour chart. Looking to the left, we can see, that the price has been constantly forming lower highs and lower lows for the past couple of weeks. That is the indication, that the trend that we are looking at on the longer timeframe is bearish
. The bearish
movement has now almost stopped, as the price is moving sideways. This has happened at the previous support/resistance
On the one hour chart, we can see, that the price has formed a descending triangle
in this sideways movement. We are close to the triangle breakout, as the price movement is approaching the triangle tip. We do expect the price to bounce from the previously mentioned support/resistance
line, and so we also expect the triangle breakout to be in the bullish
Feel free o grab a copy of our Free Weekly Market Outlook here:
We wish you good luck with your trading!